Budget Amendment ID: FY2022-S3-150

OTH 150

Student Opportunity Act Commitments

Ms. Chang-Diaz, Ms. Rausch, Messrs. Brady and Eldridge, Ms. Moran, Ms. Jehlen, Messrs. O'Connor, Gomez, Timilty, Feeney and Collins moved that the proposed new text be amended in section 2, in item 7061-9010, by striking out the figure “$149,138,383” and inserting in place thereof the figure:- “$178,072,315”

and further moved that the proposed new text be amended in section 2, in item 7061-0012, by striking out the words “provided, that notwithstanding section 27 of chapter 132 of the acts of 2019, the program shall reimburse 25 per cent of all required out-of-district transportation costs eligible for reimbursement in fiscal year 2022;” and inserting the following words:- “provided, that in accordance with section 27 of chapter 132 of the acts of 2019, the program shall reimburse 50 per cent of all required out-of-district transportation costs eligible for reimbursement in fiscal year 2022;”

and further moved that the proposed new text be amended in section 2, in item 7061-0012, by striking out the figure “$372,883,860” and inserting in place thereof the figure:- “$395,383,860”

and further moved that the proposed new text be amended by adding at the end thereof the following new sections:-

“SECTION ___.  Subsection (e) of Section 1 of Chapter 62 of the General Laws, as amended by chapter 273 of the Acts of 2018, is hereby further amended by striking the second sentence and replacing it with the following: - “Amounts included in federal gross income pursuant to section 951 of the Code shall be treated as dividends under this chapter; provided that amounts included in federal gross income pursuant to section 951A of the Code shall not be treated as dividends.”

SECTION ___. Subsection (a) of Part B. of Section 3 of said Chapter 62 of the General Laws is hereby further amended by inserting at the end thereof the following: - “(20) An amount equal to fifty percent of amounts included in federal gross income pursuant to section 951A of the Code.”

SECTION ___. The definition of “Net income” in Section 1 of Chapter 63 of the General Laws, as amended by chapter 273 of the Acts of 2018, is hereby further amended by striking the sixth sentence and replacing it with the following: - “For purposes of this definition, amounts included in federal gross income pursuant to section 951 of the Code shall be treated as dividends; provided that amounts included in federal gross income pursuant to section 951A of the Code shall not be treated as dividends.”

SECTION ___. The definition of “Net income” in Section 1 of Chapter 63 of the General Laws, as amended by chapter 273 of the Acts of 2018, is hereby further amended by striking subsection (g) and replacing it with the following: - “(g) the deductions allowed by sections 245A, 250(a)(1)(A), and 965(c) of the Code.”

SECTION ___. Section 2A of said chapter 63, as so amended, is hereby further amended by striking subsection (h) and replacing it with the following: - “(h) For purposes of this section, dividends that are deemed to be received from an entity, including amounts included in federal gross income pursuant to section 951 of the Code, shall not be considered receipts, and amounts included in federal gross income pursuant to section 951A of the Code also shall not be considered receipts.”

SECTION ___. Paragraph 4 of Section 30 of said chapter 63, as so amended, is hereby further amended by striking the fourth sentence and replacing it with the following: - “For purposes of this section and subsection (a) of section 38, amounts included in federal gross income pursuant to section 951 of the Code shall be treated as dividends; provided that amounts included in federal gross income pursuant to section 951A of the Code shall not be treated as dividends.”

SECTION ___.  Said Paragraph 4 of Section 30 of said chapter 63, as so amended, is hereby further amended by striking clause (viii) and replacing it with the following: - “(viii) the deductions allowed by sections 245A, 250(a)(1)(A), and 965(c) of the Code.”

SECTION ___.  Section 38 of said chapter 63, as so amended, is hereby further amended by inserting, after the word “dividends” in the first sentence of the second paragraph of subsection (f) the following: - “, amounts included in federal gross income pursuant to section 951A of the Code,”

SECTION ___.  Sections ___ through ___ shall apply to all tax years beginning on or after January 1, 2021.”